How to improve and develop forecasting in hotels
Many revenue managers must present an updated forecast for the entire year or for rolling 12 months to the top management. The forecast is an early warning trend, so management can take action ahead of time to mitigate risks and prevent deviations from current plans. In hotels with many different revenue sources, the management needs a total revenue forecast, not just the room revenue forecast. Hotel revenue managers have a good grip on room revenue forecasts but might find it challenging to forecast other revenue sources.